Property purchase, bank valuation and property types
When you're looking to buy property in Australia, it's important to understand the different methods of acquisition. The way you choose to buy can impact your negotiating power, contract conditions, and finance timeline. Each approach - private treaty, auction, and buying off the plan - comes with its own set of rules, risks, and benefits. Whether you're buying your first home, upgrading, or investing, understanding the purchase process is essential.
Choosing Your Ideal Property
Selecting the right type of property is a personal choice that depends on your lifestyle, family needs, and investment goals. We will help you weigh the pros and cons of different property types and guide you towards making a choice that feels like home.
Location, condition and vibes
We equip you with the tools and knowledge to conduct in-depth research, ensuring you are well-informed about the property market. From understanding the local area's demographics to analysing property value trends, we ensure that every property you consider is scrutinised with an expert eye.
Bank valuation for property buyers
We will help you make informed decisions so you can gain an edge in the competitive real estate market by understanding how banks assess property value.
Computer-powered valuation:
This will provide a quick and instant valuation using the bank's internal data.
Desktop valuation:
This will be used for a more thorough analysis without a site visit by assessing property information, online data and photos.
Shortform valuation:
The most comprehensive assessment, this involves a professional visiting the property to evaluate its condition, unique features, and local market trends
At Buyvest, we help you understand how lenders assess property value so you are not caught off guard. Whether it’s a quick computer valuation or a more detailed desktop or shortform report, knowing where you stand gives you the confidence to negotiate better, buy smarter, and stay ahead in the market.
Purchase through private treaty
When it comes to purchasing a property through a private treaty, you enter negotiations directly with the seller or their real estate agent. This process typically involves making an offer, which may be subject to conditions like a building inspection or finance approval. Private treaty sales offer a more structured and less competitive environment compared to auctions, allowing for negotiation and potentially a more comfortable buying experience.
The auction process
If you are considering buying at an auction, it is essential to understand how it works. Auctions involve competitive bidding led by an auctioneer, where registered bidders increase their offers until the highest bid secures the property.
Buying off the plan
Investing in an "off the plan" property means buying a property that has not yet been constructed. In this scenario, you purchase based on the plans and specifications provided by the developer. Off the plan purchases often come with the advantage of potential capital growth as the property is built, but they also carry certain risks such as changes in market conditions or project delays. We can guide you through the intricacies of off the plan purchases to help you make an informed decision.
Different property types in Australia
Choosing the right type depends on your goals, lifestyle, and financial situation. Whether you're buying your first home, investing, or planning to build, it's important to understand how different property types work. At Buyvest, we’ll help you explore all the options - from freestanding homes to land purchases - so you can make the right decision for your future.
Buying a freestanding house
A freestanding house is a home that stands alone and not connected to any other buildings. Owning a freestanding property gives you the freedom to knock it down, renovate it, or make it bigger (as long as it complies with local council regulations). You might also have the chance to sub-divide (split) the land or build another house on it. A freestanding house usually costs more, but historically, they tend to increase in value more than other property types.
Buying a Strata Title property
Apartments/units/flats/townhouses/villas offer hassle-free living and often present a more affordable entry into sought-after urban areas. While they may appreciate in value at a slower pace, they provide unparalleled convenience and access to a vibrant lifestyle. It is a great way to enter the property market in a desired location.
Buying land
Land banking involves purchasing land as an investment with the expectation of potential appreciation in its value over time. It typically does not involve immediate development or construction. Land banking allows you to secure a piece of property in a desirable location, often with the aim of holding it for future development or resale. It is essential to consider factors like location, zoning, and market trends when engaging in land banking.
Buying land for construction
If your goal is to build a custom home on a piece of land, understanding the process of land purchase and construction is vital. This involves purchasing a specific plot of land and then proceeding with the design and construction of your home on that land. The land and construction process requires careful planning, including securing finance for both land acquisition and building costs, obtaining necessary permits, and overseeing construction. We will guide you through the intricacies of land and construction projects, ensuring you have the knowledge and resources to successfully bring your dream home to life.
Finalising your purchase
You’ve found the property, secured finance, and now you’re ready to take ownership. Finalising your purchase is the last - and most important - step in your home buying journey. At Buyvest, we ensure everything is handled properly so your settlement goes smoothly. Whether you’re a first home buyer or seasoned investor, we’re here to make the process stress-free and straightforward.
Understanding property settlement
Property settlement is the grand finale of your home buying journey. It is the moment when you officially take ownership of the property as the new homeowner. With our guidance, you will know how to inspect your property, and we will take care of the financial tasks with your conveyancer or solicitor to ensure settlement goes smoothly. You can rest knowing that Buyvest is here to simplify and guide you from start to finish. We're here to support you, ensuring that all aspects are addressed with professionalism and efficiency, so you can confidently secure your dream home.
Sealing the Deal
At Buyvest, our commitment is to provide you with a tailored property buying experience, marked by expert guidance and genuine support. Our comprehensive understanding of the property market, combined with our dedication to your success, makes us the perfect partner in your property buying journey. We can access loans across a variety of segments to ensure you have access to a comprehensive range of loan types across a broad range of categories. Our panel includes the major lenders, as well as most second and third tier lenders, credit unions, and mutuals.
Feel confident in taking this significant step with Buyvest, where your home buying dreams become a reality.
Contact us today and let us embark on this exciting path together.
Frequently Asked Questions
What government assistance is available for first home buyers in NSW?
First home buyers in NSW may be eligible for several forms of assistance, including the First Home Owner Grant for new homes, stamp duty concessions or exemptions, and the federal Home Guarantee Scheme allowing purchases with deposits as low as 5% without LMI.
How much deposit do I need to buy my first home in NSW?
While traditional loans typically require a 20% deposit to avoid LMI, first home buyers can access properties with as little as 5% deposit through the Home Guarantee Scheme. Some lenders also offer high LVR loans with smaller deposits, though these generally incur LMI costs.
What is the First Home Owner Grant in NSW and how much can I receive?
The NSW First Home Owner Grant provides $10,000 for first-time buyers purchasing or building a new home valued up to $750,000. The grant applies to new homes only, not established properties.
How can I avoid paying Lenders Mortgage Insurance?
You can avoid LMI by saving a deposit of at least 20% of the property's value, using a family guarantee, accessing the Home Guarantee Scheme if eligible, or exploring professional-specific lender programs that waive LMI for certain occupations.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an informal assessment of your borrowing capacity based on information you provide. Pre-approval involves formal verification of your financial situation by a lender, resulting in a conditional loan offer that gives you greater certainty when making offers.
How long does the home buying process typically take?
From starting your search to settlement, the process typically takes 3-6 months. This includes property searching (1-3 months), making an offer and signing contracts (1-2 weeks), and the settlement period (usually 42 days but can be negotiated).
What additional costs should I budget for beyond the property price?
Beyond the purchase price, budget for stamp duty (though concessions may apply), legal/conveyancing fees ($800-$2,500), building and pest inspections ($300-$800), mortgage registration fees, transfer fees, loan application fees, and moving costs.
Should I buy an established home or a new property?
This depends on your priorities. New properties offer modern designs, warranties, and potential tax benefits, while established homes may provide better value, character, and immediate rental income potential if investing. Consider location, budget, and long-term objectives when deciding.
What is the Home Guarantee Scheme and how can it help me?
The Home Guarantee Scheme allows eligible first home buyers to purchase with as little as 2% to 5% deposit without paying LMI, with the government guaranteeing the remaining portion of the deposit (up to 15%). This significantly reduces the upfront costs of buying a home.
How do I know if I'm paying the right price for a property?
Research comparable sales in the area, attend multiple open homes, review property reports, consider getting an independent valuation, and consult with local real estate experts. Understanding the local market thoroughly helps ensure you pay a fair price.
Table of Contents
Turning the dream of homeownership into reality
One family at a time
Important stuff:
Please note that the views and opinions expressed in this post are general information only, and this is not financial advice.
Any advice and information is provided by Buyvest Pty Ltd ABN 91 684 841 496, Australia Credit Licence No. 567392 and is general in nature, for educational purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without considering your objectives, financial situation or needs. Therefore, consider the appropriateness of the advice for your situation and needs before taking any action. It should not be relied upon to enter into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement concerning your circumstances before deciding whether to acquire the product. You can obtain a copy of the PDS by emailing hello@buyvest.com.au. If you want to change your financial circumstances, such as applying for a loan, all loan applications are subject to credit approval.
All information on this website is subject to change without notice.
